Superannuation splitting laws
The package of superannuation splitting laws is made up of the following:
Part VIIIB of the Family Law Act 1975, setting out rules for the payment splitting of a superannuation interest by agreements and orders, is available on the link below.
The Family Law (Superannuation) Regulations 2001 (FL Super Regulations) set out the methods of valuing superannuation interests, the way in which the payment split is to be put into effect and also the information that the trustees have to provide
Methods set out in the FL Super Regulations for some superannuation interests may not be appropriate. Alternative valuation methods and factors for particular categories of superannuation interests in particular superannuation funds or schemes have been approved by the Minister under regulations 38 and 43A of the FL Super Regulations.
In the case of some superannuation funds or schemes for which alternative valuation methods have been approved, determinations made by the Minister under regulations 63(6A) or (6B) or 64(7), (7A) or (7B) of the FL Super Regulations set out valuation information requirements for trustees that apply in place of those under Part 7 of those Regulations.
- Family Law (Superannuation) (Provision of Information – SA Local Government Scheme) Determination 2003
- Family Law (Superannuation) (Provision of Information – Victorian Racing Industry Superannuation Fund) Determination 2004
- Family Law (Superannuation) (Provision of Information – Commonwealth Superannuation Scheme) Determination 2004
- Family Law (Superannuation) (Provision of Information – Public Sector Superannuation Scheme) Determination 2004
- Family Law (Superannuation) (Provision of Information – Defence Force Schemes) Determination 2004
- Family Law (Superannuation) (Provision of Information – Military Superannuation and Benefits Scheme) Determination 2004
- Family Law (Superannuation) (Provision of Information – Parliamentary Contributory Superannuation Scheme) Determination 2005
- Family Law (Superannuation) (Provision of Information – Woolworths Group Superannuation Scheme) Determination 2005
- Family Law (Superannuation) (Provision of Information – Victorian Pension Schemes) Determination 2008
Determinations made by the Australian Government Actuary each financial year under regulation 45D of the FL Super Regulations providing for the method to be used to calculate the interest rate for the adjustment of a base amount under Division 6.1A of the FL Super Regulations for the purpose of some payment splits of some interests under the superannuation splitting laws.
- Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2003
- Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2004
- Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2005
- Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2006
- Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2007
- Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2008
- Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2009
- Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2010
The package of laws is also complemented by other laws which, in certain circumstances, permit the creation of a new interest for the non-member spouse or the transfer or roll out of benefits for the non‑member spouse to another fund. These options are known as ‘interest splitting’. Interest splitting enables the non-member spouse to access entitlements independently of the member spouse accessing his or her superannuation benefits.
For funds regulated by Commonwealth superannuation laws, Part 7A of the Superannuation Industry (Supervision) Regulations 1994 (‘the SIS Regulations’) and Part 4A of the Retirement Savings Account Regulations 1997 (‘the RSA Regulations’) provide operating standards setting out the circumstances in which interest splitting options are available and the process to be followed by funds and retirement savings account providers.
In addition, the governing rules of some superannuation funds permit one of more of the interest splitting options available under Part 7A of the SIS Regulations.
It is important to remember that the context of the superannuation splitting laws is that superannuation splitting, whether by agreement or court order, is an added part of the existing property settlement regimes under the Family Law Act. The regimes enable orders to be made, on relationship breakdown, altering the interests the couple have in their jointly or individually owned property.
For general information about the Family Law Act’s property settlement regimes, see the Victoria Legal Aid website.